What practices pay off best and under what conditions - Assignment Example

Extract of sample What practices pay off best and under what conditions

It is the consideration between the employers and themselves. It is usually a reward for a job done, directly related to the efforts applied in performance of the work.
In merit pay/cost of living adjustments form of pay, the employees are paid in relation to past work behavior and cost of living (Belcher, 1996). An increase in merit is triggered by work behavior recognized in the past and the adjustments in the cost of living. The cost of living consideration raises the merit of all the employees without regard to the performance. This form of pay is mostly beneficial when the employer is assured of commitment and professional skills of the workers. This form of pay will work towards ensuring that there is low employee turn over as most appreciate that the employer is considerate enough. Adjustments of pay in relation to the cost of living encourage the employees to be loyal to the company and to increase their output. This form of pay is particularly beneficial to the employees as during harsh economic times they are assured that the employer will adjust the pay in their benefit.
The pay system brings on board various groups of people and this determines what they perceive of the company or the employer. The society or the community considers job compensation often referred to as pay as a measure of justice towards the employees. It is the society’s belief that benefits extended to the employees are a reflection of the level of justice in the society.
The most beneficial form of pay to the employer is the incentives or the variable pay. In this form of pay, pay rise is triggered by performance of the employees. Some of the assumptions of the variable pay method are: some employees are more productive than their peers; some perform better and are better equipped with technical skills; better performance should be rewarded; and some of the employees’ earnings should be directly proportional
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Summary

According to the stockholders view of the benefits extended to the employees, paying the employees through stock ownership helps in creating a sense of ownership and greatly improves employees’ performance (Belcher, 1996). When the employees’ pay is linked to the company’s…

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